The Impact Of RMB Internationalization On The Dual Margin Of China's Agricultural Export Growth

China has been a big agricultural country since ancient times.Agriculture has always been the lifeblood of the national economy.Agricultural development is directly related to the stability and development of the social economy.Export,as one of the three troikas that drive the Chinese economy,is the root cause of China's economic growth.Since China's accession to the WTO,China's foreign trade has achieved rapid development.China's agricultural product export growth rate has reached record highs and maintained a good growth momentum.In 2016,the total agricultural products reached US$72.61 billion.Under the influence of the financial crisis,China's agricultural products experienced negative growth,and the growth rate in 2007-2009 dropped from 18.08% to-1.25%.This fully exposes the fragility,instability and high risk of China's agricultural export growth,as well as some problems in China's export market structure.In particular,the trade war between China and the United States will heat up in 2018,and tariffs on agricultural products will increase.China's agricultural products trade will face even greater challenges.The internationalization of the RMB is an important strategy reflecting China's overall national strength.It is not only the needs of the economic level,but also the real strong foundation of China in the context of globalization of the world economy.The internationalization of RMB and export trade are the international circulation at the monetary level and the product level.What is the impact between the two? How is China's agricultural product export growth achieved? What is the root cause of China's agricultural products to achieve export growth? What is the relationship between the fragility of China's agricultural export growth and the dual margin? In the context of the Sino-US trade war,these issues deserve to be explored in depth.In order to solve these problems,according to the theory of enterprise heterogeneity,this paper uses the Un Comtrade database 2011-2016 China exports to 33 major countries and regions HS code 01-24 chapter 6 quantile of all agricultural product data,using Hummels & Klenow's measure establishes a mathematical model that decomposes export growth into intensive margins and extended margins,and analyzes the contribution of intensive margins and extended margins to China's export growth.The intensive margin is the increase of the vertical trade quota based on the original product category,and the expansion margin is the increase of the export product category.To study the impact of RMB internationalization and various related indicators on the dual margin of China's agricultural product export growth,and establish a panel data model,in which RMB internationalization selects two scales of bilateral currency swap and RQFII approval quota.The analysis draws the following conclusions: First,the growth of agricultural exports is mainly achieved through intensive marginal channels,in which the marginal contribution of the intensive margin is about 77.2%,and the contribution of the expansion margin is about 22.8%.In the intensive margin,the intensive marginal growth is mainly achieved by increasing the number of export agricultural products.Second,the internationalization of the RMB has a positive effect on the growth of China's agricultural exports,mainly through the expansion of margins to increase the growth of agricultural exports.Third,improving China's labor productivity and reducing trade costs can greatly increase China's export trade quota.